World now has 1 TW of wind and solar capacity, 2 TW expected in 2023

Wind and solar together. Author: Gerry Machen.

August 6 (Renewables Now) – The global wind and solar power capacity has reached 1 TW at the end of June and is expected to double by the middle of 2023, Bloomberg New Energy Finance (BNEF) said last week.

The 1,013 GW of currently installed capacity is almost equally divided between wind and solar, with 54% coming from wind parks and solar accounting for 46%. According to the market analyst’s data, the capital expenditure (capex) for constructing these plants totalled USD 2.3 trillion (EUR 1.99tr), while the next 1 TW of capacity will cost 46% less. Wind and solar deployment between 2018 and 2022 is expected to require only USD 1.23 trillion of capex.

BNEF noted that the global wind and solar power capacity has expanded 65-fold since 2000, with solar growing at a “striking” pace. Since 2007, the photovoltaic (PV) share has jumped from just 8% of the worldwide wind and solar installed capacity to 46% now, the analyst’s data shows. Solar is likely to contribute more than wind soon.

By the end of 2018, BNEF forecasts that wind and solar, the fastest growing renewable energy sources, will reach 1.1 TW of capacity.

Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.